How to record April 1, 2020 Arconic Inc split into two companies

Bobbo

On April 1, 2020 Arconic Inc split into two companies, Howmet Aerospace and Arconic Corp.
Here is the issue:
The original Arconic Inc used symbol ARCN. It changed its name to Howmet Aerospace, symbol HWM. The (new) Arconic, which is Arconic Corp, is keeping the ARCN symbol.
Shareholders receive 1 share of (new) Arconic Corp for each 4 shares of (old) Arconic Inc.
After the split Quicken is pointing symbol ARCN to the wrong company and, therefore, the wrong number of shares. My solution is to rename my original purchase of Arconic Inc as Howmet Aerospace with symbol HWM, and rename my original ARCN symbol as (new) Arconic Corp.

Any thoughts?
Thanks

q_lurker

If it we me, I'd take the following approach (based solely on your description above).  

If your brokerage downloaded some form of these transactions and a new Arconic Corp security, you will likely need to delete those transactions and delete that new company (or companies) before going proceeding.  (other options exist also.):

1. Edit security details for Arconic Inc to reflect the new name (Howmet Aerospace) and new ticker (HWM).  In changing the ticker, I would allow the old prices to copy from ARCN to HWM, and I would opt to delete the old ARCN prices.  I would also opt to uncheck the box 'Matched to online security' at that point.
2. Enter Transactions - Corporate Spinoff action with what s now Howmet spinning off Arconic Corp.  For that wizard/action you'll need the fair market values of both companies immediately after the spinoff (April 1 or 2).  Howmet should be publishing a form 8937 with their opinion on those FMVs but you may need to coordinate with your broker's data also.  The Form 8937 data is not binding on you or your broker.
3. When you next download transactions, make sure the brokers versions of these two securities match correctly to your Quicken securities.